BSA201

CFAS: 13 QUIZ 1

ASWERS:

1. Cost of Equipment ₱5,000,000

Accumulated Depreciation (5,000,000/5 years x 1) (1,000,000)
Carrying Amount – December 31, 20X8 ₱4,000,000

2. Carrying Amount – December 31, 20X8 ₱4,000,000

Fair value less cost of disposal (3,500,000)
Impairment Loss ₱500,000

3. Fair value less cost of disposal ₱2,700,000

Carrying Amount 3,000,000
Loss on Reclassification (₱300,000)

4. Carrying Amount ₱4,000,000

Accumulated Depreciation (5,000,000/5 years x 2) (2,000,000)
Carrying Amount – December 31, 2X20 ₱2,000,000